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Sonn & Erez PLC
Regions Financial Corp.'s Morgan Keegan Losing Arbitration Cases Relating to Proprietary RMK High Yield Funds That Bought Toxic Waste Assets, According to Sonn & Erez PLC -- RF
FORT LAUDERDALE, Fla., May 25, 2009 (GLOBE NEWSWIRE) -- Regions Financial Corp.'s (NYSE:RF) Morgan Keegan unit was recently hit with more bad verdicts in FINRA arbitration cases, including an award of $285,000 to a Jackson, Mississippi Vietnam Veteran for losses relating to RMK Select Intermediate Bond Fund (MKIBX), and $75,000 to a doctor in Little Rock, Arkansas, $950,000 for an NFL star and nearly $700,000 for a Regions bank president. Morgan Keegan is the subject of numerous arbitration cases relating to over $2 billion of losses in RMK proprietary bond mutual funds managed by James Kelsoe, which funds were decimated due to risky investments in lower tranches of asset backed securities, commonly known as "toxic waste."